02:49:14 EDT Fri 29 Mar 2024
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Sonde Resources Corp (2)
Symbol SOQ
Shares Issued 56,052,963
Close 2014-11-19 C$ 0.005
Market Cap C$ 280,265
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Sonde Resources receives delisting notice from NYSE

2014-11-20 15:21 ET - News Release

Mr. Kurt Nelson reports

SONDE RESOURCES CORP. RECEIVES DELISTING NOTICE FROM NYSE MKT AND THE ALBERTA SECURITIES COMMISSION ISSUES A CEASE TRADE ORDER

On Nov. 19, 2014, Sonde Resources Corp. received notice that the staff of NYSE Regulation Inc. has determined to commence proceedings to delist the company's common shares from NYSE MKT LLC. Trading of the company's common shares on the exchange was previously halted by the staff on Nov. 17, 2014.

The exchange previously notified the company that it no longer complies with the continued listing standards set forth in Section 1003(a)(iv) of the NYSE MKT company guide. Based on disclosures in the company's Nov. 18, 2014, press release, the exchange determined that the company's financial condition has become so impaired that it appears questionable, in the opinion of the exchange, whether the company will be able to continue operations and/or meet its obligations as they mature. The exchange also determined that the company is not in compliance with Section 1003(f)(v) of the NYSE MKT company guide due to the low selling price of the company's common shares. If the company elects not to appeal the delisting determination by Nov. 26, 2014, the delisting determination will become final.

Sonde also announced that, on Nov. 19, 2014, the Alberta Securities Commission issued a cease trade order as a result of the company's failure to file its interim unaudited financial statements, interim management's discussion and analysis, and certification of interim filings for the interim period ended Sept. 30, 2014. The order requires that all trading or purchasing cease in respect of each security of the company until the order has been revoked or varied.

Sonde's common shares remain listed on the TSX Venture Exchange but have been halted as a result of the issuance of the cease trade order described above.

As previously disclosed, the company no longer generates cash flow from petroleum and natural gas sales, and the company no longer has a credit facility. As such, the company must finance operations, including its commitments under the exploration-and-production-sharing agreement (EPSA), from working capital, new financings, farm-outs or property dispositions. While discussions are continuing, the company's strategic alternatives process has not resulted in a transaction that would satisfy its significant financial commitments. There can be no assurance that the current strategic process will result in the sale of its interest or securing a partner, farm-out or other source of financing to meet the company's financial obligations. There is a significant likelihood that the company will exhaust its working capital prior to the execution of new financings, farm-outs or property dispositions.

We seek Safe Harbor.

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